Oil prices edge higher after U.S. crude stockpile draw | Reuters

Oil prices edge higher after U.S. crude stockpile draw | Reuters

Oil prices edged higher on Wednesday, buoyed by U.S. government data that showed crude stockpiles fell last week and by optimism about a coronavirus relief package in the United States.

Brent crude futures rose 32 cents to settle at $51.08 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 20 cents to settle at $47.82 a barrel.

U.S. crude inventories fell by 3.1 million barrels in the week to Dec. 11, the Energy Information Administration said. Analysts had expected a 1.9-million-barrel drop, after stockpiles surged in last week’s data.

“We couldn’t afford to have a build after last week,” said Bob Yawger, director of energy futures at Mizuho. “A U.S. stimulus package seems on the way, which will also be supportive.”

U.S. congressional leaders said substantial progress has been made in the months-long standoff on coronavirus relief and a funding bill to avert a government shutdown.